Despite the pandemic and global trade hurdles, Indian pharmaceutical companies continue to be a dominating player in the international pharmaceutical export market. India is the third-largest pharma exporter in the world. Supported by Pharmexil(Pharmaceutical Promotion Council of India), the Indian pharma industry recorded an increase of 18.7% in 2021, to rise to $24.4 Billion, the highest jump in more than eight years. The increase of the previous year was lodged at about 7.57%.
This came as a relief to Indian exporters as pharma companies around the world suffered shrinkage of about a couple of percentage points in business. India exports a remarkable third of all global demand for pharmaceuticals. Indian generic medicines have a reputation for being of excellent quality yet maintaining affordability. They are naturally the most demanded Indian exports at about 70% of global exports. International shipment data shows that more than 50% demand for various vaccines is fulfilled by India.
AMERICA IS THE HIGHEST IMPORTER
North American countries like the USA, Canada and Mexico form the largest market for Indian pharmaceutical exports.
The leading cause of death in the United States of America is heart disease, a calamity that cuts across racial and ethnic groups. Statistics say that an American dies of heart disease every 36 seconds and that about a quarter of all deaths happen due to heart problems. It is interesting to note that America imports the most cardiovascular medicaments from India. Contact Cybex at [email protected] to know the precise pharmaceutical export numbers.
It is expected that Indian pharma exports would grow by about 11%. That means that in the next two years the market share would reach about $60 Billion. This news opens up opportunities for vendors and companies in the Indian pharma export industry to amp up their efforts towards global domination. For though India ranks at 3rd in terms of export volume, when we consider value, India ranks at a 13th.
THE WELFARE OBJECTIVE COMBINED WITH PROFITABILITY
It is often said that healthcare, education and journalism are three professions where the profit motive should be eschewed and only welfare must be considered. We at Cybex.in argue that welfare and profit can go hand in hand if approached delicately. Indian pharma exporters must look to capitalise on the opportunity that India’s gigantic market share affords them and then look to channelise their profits towards noble initiatives at home. Our public healthcare system could stand to benefit enormously from an increase in investment as much of this country still suffers from none or very primitive methods of medicine that hurts more than it cures.
COVAX AGREEMENT
Recently the World Health Organisation’s chief Dr Tedors Adhanom Ghebreyesus complimented the Indian government for fulfilling their global COVID vaccine agreement promises. This is a promising step towards building worldwide credibility for the Indian government and the Indian pharma export community.
During the pandemic, it came to light that the Indian pharma industry is overly dependant on China for raw materials. Keeping in light the fact that India promised its exporters to provide the necessary raw materials and also that several Indian pharma companies greatly increased their market share during the pandemic, it remains to be seen what the pharma future holds.
However, to get your pharma export enterprise started, we have written another blog post on the importance of having an IEC Code(Import Export Code) and the necessary steps to get your code today. Check out that blog on this link.
Cybex.in has mined tonnes of import-export data that will help your firm reach your trade goals. Reach us at *[email protected]* or call(+911204517800) or WhatsApp(+9971093718).